Clearstream jobs at risk

Following a slump in profits at Deutsche Börse AG, some 250 jobs are at risk, with cuts expected at the Luxembourg subsidiary Clearstream.

24.01.2014

(CS/vb) Following a slump in profits at Deutsche Börse AG, some 250 jobs are at risk, with cuts expected at the Luxembourg subsidiary Clearstream, in Kirchberg.

In addition to the Luxembourg location, the company headquarters in Eschborn, near Frankfurt, will bear the brunt of the cuts, which the management hopes will proceed in a social amenable way with a number of voluntary departures.

The Deutsche Börse Group surprisingly posted its business figures for 2012 on Tuesday, with net profit falling to 660 million euros, down from 848 million euros the year before.

Management will aim to reduce staff costs by 30 million euros, and 200 members of staff and 50 executives will be offered a voluntary departure package. This can include cuts in working hours, severance payments or early retirement.

More concrete measures will be announced to staff on February 19.

The German stock exchange subsidiary Clearstream, with its 1,700 employees, is a clearing and settlement division, created in January 2000.